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3 Jun 2015
EUR/USD rises sharply and erases intraday losses
FXStreet (Córdoba) - EUR/USD briefly dropped below the 1.1100 level and hit a daily low of 1.1078 after Draghi said Eurozone growth disappointed, but quickly turned higher, erasing completely intraday losses.
As Draghi answers questions at the press conference, evading big statements regarding Greek debt issues, EUR/USD rallied nearly 100 pips to a session high of 1.1176 despite stronger-than-expected US trade figures. At time of writing, the pair is trading at 1.1165, now 0.14% above its opening price.
At the press conference, Draghi reaffirmed QE will continue until September 2016 and said it will concentrate on inflation trends, looking through short-term fluctuations. He assured the ECB wants Greece to stay in the Eurozone but a strong agreement is needed.
EUR/USD levels to watch
On the upside, if EUR/USD manages to decisively break above the 1.1200 area, next resistance area stands at 1.1325 (May 19 high) with not much in the way. On the downside, immediate supports are seen at 1.1078 (daily low/100-day SMA) and 1.0975 (50-day SMA).
As Draghi answers questions at the press conference, evading big statements regarding Greek debt issues, EUR/USD rallied nearly 100 pips to a session high of 1.1176 despite stronger-than-expected US trade figures. At time of writing, the pair is trading at 1.1165, now 0.14% above its opening price.
At the press conference, Draghi reaffirmed QE will continue until September 2016 and said it will concentrate on inflation trends, looking through short-term fluctuations. He assured the ECB wants Greece to stay in the Eurozone but a strong agreement is needed.
EUR/USD levels to watch
On the upside, if EUR/USD manages to decisively break above the 1.1200 area, next resistance area stands at 1.1325 (May 19 high) with not much in the way. On the downside, immediate supports are seen at 1.1078 (daily low/100-day SMA) and 1.0975 (50-day SMA).